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Your Lenders Package...and/or how to make the process go smoothly

By
Mortgage and Lending with Christensen Financial Mortgage 385907

Okay, you've decided that you want to buy a home, and you're going to need to acquire a mortgage. You know that they are going to want documentation up front, and you're the type of person(s) who like to be prepared.

here you go for starters...you will need

2009 & 2010 tax returns-all schedules

2009 & 2010 W2's

your most recent 30 days of paystubs

your most recent 2 months of bank/asset statements-all pages

note; if your bank statement says there are 4 pages and the last page is a worksheet/scratchsheet, provide all pages. the underwriter doesn't know what's on the last page unless he/she has it in his/her hand

a copy of your drivers license

a copy of your social security card

Have a complete package together and be prepare to hand it to the loan originator at the application, or before if you're looking for a real preapproval.

Be a serious buyer...put this information together now.

Now be prepared for the fact that you are not done providing documents. Here's why

First, the documents you provide may foster questions and/or requests for additional documentation.

Second, other information acquired by the lender through other sources; verifications, credit reports, etc. may/will foster the request for additional documentation.

A word of advise here...this will help tremendously

When additional information is requested provide it asap. Do not delay. Your delay slows the process, and sometimes creates doubt in the mind of the underwriter.

no whining; just do it. You're asking for $50-60-70,000 or more; whatever. The lender will not give you this loan unless you provide what they ask for.

that's a fact.

In today's market the lenders want to be satisfied that you have sufficient income, assets, and credit history to justify the loan. If/when they are satisfied you can close on the loan and purchase the home. If they are not satisfied you will not close.

So, you've decided to purchase a home.

Get your lenders package together...now would be good.

provide additional documentation as requested

that's it!

 

  

Comments (3)

Marge Piwowarski
Phoenix AZ Horse Property - Phoenix, AZ
Phoenix AZ Horse Property, LLC

Jay, you said this so well I reblogged it!  Direct and to the point, the exact info buyers need to have to prepare for getting a mortgage.  Thanks!

Nov 06, 2011 08:24 AM
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Jay - 

Awesome post filled with great information!  Re-posting and suggested!

Best regards from the Q

Nov 06, 2011 08:55 AM
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!

Marge & John,

sorry about my tardy response.

 

Marge,

why buyers are not better prepared has always baffeled me, considering that for most this is the largest investment in their lifetime.

John

thanks, i tried to be consise as well as informative.

jay 

Jan 13, 2012 12:46 AM